Elliott waves for Forex correlation analysis – Reman flat

For the past few days, The cable has been confined with the contracting triangle but is at the verge of breaking out of it. Chances of breaking below the wedge are high although we cannot rule out the possibility of breakout on the upper side. Nonetheless, we choose to stand aside and only place our orders depending in the direction of breakout. A breakout below the wedge will mean we’re headed to the lower side while a break above will culminate into a possible bullish price movements towards the short term resistive zone. This pair will have a similar price action with USD/ZAR and GBP/HKD.